Finance Minister Bill Morneau assured the public that the Trudeau government intends to make housing more affordable for millennials during his pre-budget public events in the Toronto suburbs on Tuesday.
Following a speech in Aurora, Ontario, Morneau was asked if the government has any plans of helping first-home buyers enter the housing market at a time of rising interest rates.
Morneau told the business audience that the Liberal government has focused on three housing-related issues since assuming office in 2015: the shortage of affordable housing, real-estate price run-up in some markets, and affordable housing for millennials.
The federal government, Morneau said, has already tried to increase the supply of affordable housing and cool the hottest markets – including Toronto and Vancouver – by introducing stress tests that limit some borrowers’ ability to get big mortgages.
“The middle part – the big middle part – is the affordable housing for millennials,” said Morneau, who is set to release the election-year budget in the coming weeks. But he didn’t elaborate on what options they are looking at.
Conservative MP Karen Vecchio, however, argued that the Liberal government policies – including its carbon tax – have made housing less affordable, according to a report by The Canadian Press.
“Justin Trudeau’s policies are making life more expensive for Canadians, pushing their dream of owning a home further and further away,” Vecchio said.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate